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Digital Twin: Financial Technology’s Next Frontier of Robo-Advisor

Author

Listed:
  • Muhammad Anshari

    (School of Business & Economics, Universiti Brunei Darussalam, Gadong BE1410, Brunei)

  • Mohammad Nabil Almunawar

    (School of Business & Economics, Universiti Brunei Darussalam, Gadong BE1410, Brunei)

  • Masairol Masri

    (School of Business & Economics, Universiti Brunei Darussalam, Gadong BE1410, Brunei)

Abstract

This research examines the concept of a robo-advisor with digital twin capabilities for personal financial management. Using an exploratory study, the researchers developed an interactive and interpretive model that analyses the most critical variables to consider when designing the next level of financial robo-advisor through integrating digital twin concepts and applications. Primarily, it conducts an assessment and then reviews the data to propose a model that can serve as a baseline for future research. Related literature was explored, including peer-reviewed journal articles, case studies, periodicals, newspaper articles, and books. This study aims to assess the concept of digital twin (DT) as the next frontier of robo-advisor as a new wave of intelligent financial advisors in supporting the personalisation and customisation of financial technology (FinTech) services and management. Individuals who use a DT-enabled robo-advisor may find a significantly greater value for their financial management and well-being. A robo-advisor with DT enabled will no longer be an ad hoc financial advisory service but will evolve into a comprehensive and dynamic financial advisory service for users. The research presents several critical insights on financial robo-advisory with DT capabilities, transforming and optimising smart financial advisory.

Suggested Citation

  • Muhammad Anshari & Mohammad Nabil Almunawar & Masairol Masri, 2022. "Digital Twin: Financial Technology’s Next Frontier of Robo-Advisor," JRFM, MDPI, vol. 15(4), pages 1-9, April.
    • Handle: RePEc:gam:jjrfmx:v:15:y:2022:i:4:p:163-:d:785752
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    References listed on IDEAS

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    1. Muhammad Anshari & Mohammad Nabil Almunawar & Masairol Masri, 2020. "Financial Technology and Disruptive Innovation in Business: Concept and Application," International Journal of Asian Business and Information Management (IJABIM), IGI Global, vol. 11(4), pages 29-43, October.
    2. Abraham,Facundo & Schmukler,Sergio L. & Tessada,Jose, 2019. "Robo-Advisors : Investing through Machines," Research and Policy Briefs 134881, The World Bank.
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    Cited by:

    1. Raquel M. Gaspar & Madalena Oliveira, 2024. "Robo Advising and Investor Profiling," FinTech, MDPI, vol. 3(1), pages 1-14, February.
    2. Pandey, Dharen Kumar & Hassan, M.Kabir & Kumari, Vineeta & Zaied, Younes Ben & Rai, Varun Kumar, 2024. "Mapping the landscape of FinTech in banking and finance: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 67(PA).

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